FBM KLCI rises with global equities

Reuters reported that Wall Street surged on Thursday, bringing an upbeat end to a tumultuous, holiday-shortened week as technology stocks rebounded, but the S&P 500 and the Dow Jones Industrial Average posted their biggest quarterly declines in more than two years.

At Bursa Malaysia today, the KLCI settled at 1,860.94 at 12:30pm. Across Asia, Japan's Nikkei 225 rose 1.46% at the time of writing while South Korea's Kospi added 0.73%.

Overnight in the US, Reuters reported that the Dow Jones Industrial Average rose 254.69 points or 1.07% to close at 24,103.11, the S&P 500 gained 35.87 points or 1.38% to 2,640.87 and the Nasdaq Composite added 114.22 points or 1.64% to 7,063.45.

In Malaysia today, Hong Leong Investment Bank Bhd said in a note that in technical terms, the KLCI may revisit the 1,876 level in the near term amid recovery in US markets. "However, should there be a downward violation below the support of 1,850, next support will be pegged around 1,840," Hong Leong said.